Stern estimates that 1% of UK gross domestic product must be spent on tackling climate change, leading to a 25% cut in greenhouse gas emissions by 2050. If measures are not taken before then and temperatures increase by 5ºC, Stern warns, rising sea levels could put London underwater.
The UK will implement a climate change bill, proposing a 60% cut in greenhouse gas emissions by 2050 which was highlighted by the Queen’s Speech during the state opening of parliament in November 2007. If global greenhouse gas emissions have not decreased by the end of 2015, then our chances of restraining climate change to within the two degrees " safety line diminish daily. The scientific data demands: the peaking of emissions within eight years, worldwide cuts of 60 per cent by 2030, and 80 per cent or more by 2050. Above two degrees, the possibility of crossing "tipping points" in the earths system will result in the collapse of the Amazon rainforest and the release of methane from the Siberian permafrost is higher.
The prospects for carbon recycling are huge primarily through new generation clean WTE, biomass cultivation (which covers the plantation of many trees and grasses depending on local soil and weather conditions) or by directly coursing flue gases through algae cultures to generate fast growing algae by the ton (with oil, ethanol and protein for animal feed squeezed out). The result is that the carbon efficiency of the economy will continue to increase.
If regulators and conservation activists convince people that they need the environmentally friendly economy, it will be a big feast for everybody from bio-tech companies to car industry for years to come. The demand for products as diverse as high efficiency ball-bearings, ‘smart meters’, low energy computer monitors, financial services and household goods is driven by climate change.
Sainsbury Chief Executive Justin King stated that the market